I think there are a lot of ways to accomplish and optimize these kinds of procedures. Here is what I have been doing for the past couple of years (many of these steps have been mentioned already).
1. I use a jig that I designed for my bandsaw to first cut the blank to length. It is fast and repeatable and does not rely on me measuring and marking the blank for making the cuts. It was based on a jig that was designed by Tim Geist (as can be seen in one of RJB Woodturner's YouTube videos,
Pen Blank Cutting Jig - Cut A Perfect Blank Every Time. My jig also uses the miter slot on my saw to keep the cut relatively square and it too uses the brass tube itself as a gauge pin for setting the length. When the tube is laid in a slot on the gauge, the gauge is slid up against it and is locked so that the blank will be cut 1/16"-inch (1.5mm) longer than the tube. This allows for a little room to accomodate squaring the blank to the tube after the blank has been drilled and the tube glued in.
2. I use a jig that I designed for my disc sander that uses a rod (piece of mandrel) to hold the pen so that the tube is 90-degrees to the face of the sanding disc. The jig was based on Penn State's
Universal Pen Blank Squaring Jig and uses the miter slot in my sander. It also uses PSI's
Barrel Trimming Sleeve Set (and a few custom made sleeves) that center the blank on the rod. Since there is minimal material to remove from the blank already (only about 1/32"-inch (0.75mm) from each end, the sanding process is relatively fast and accurate.
3. I use a jig that I designed for my bandsaw to trim the excess material (essentially the corners) off of the blank to make it more round (actually octagonal). The design is essentially an improved version of the commercial
Corner-B-Gone Blank Rounding Jig (that was once carried by PSI but now can be found at Turners Warehouse). My design uses octagonal guides (rather than square) that ride on the bandsaw fence that are used to trim all 8 sides of the blank into a round-ish, octagonal shape. Since the blank mounts on the jig using the turning bushings, the sides of the blank that are sawed off are relative to the tube regardless of whether or not the hole may have been drilled off center or at an angle.
Anyhow, that has been my approach and it has been working quite well.
Regards,
Dave